CAPREIT Sells Non-Core Property in Montreal

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TORONTO, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has sold an apartment on the south shore of Montreal, the Carrefour des Erables.  The property includes 419 suites located in Longueuil, Quebec. CAPREIT will receive approximately $35.8 million for the apartment complex. The proceeds from the sale will be used to repay $20.6 million in outstanding mortgages on the property, with the balance used to reduce CAPREIT’s acquisition and operating credit facility.

“We have owned this building since 2005 and believe we have maximized its potential value,” commented David Ehrlich, President and CEO.  “A key element of our value-enhancing strategy is to dispose of non-core properties where we have maximized value and recycle the resulting capital into more accretive growth opportunities.”

 

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Globe Newswire: 00:42 GMT Friday 12th October 2018

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